Stilt to freeze interest on payments for many of the people that have a loan through them

In response to COVID-19, the company that provides loans for immigrants and more is pivoting

Stilt, a company that focuses on loans for immigrants and the underserved, is adapting its policies in the face of the growing coronavirus pandemic that the world is currently facing.

Announced in a blog post, the company has stated that it will be freezing interest on payments, as well as offering forbearance of two months. The post notes that it may extend that time frame depending on how the situation unfolds in the coming weeks and months.

There are a few stipulations on this, as this will only be applicable to those with loans who make under $45,000 a year and are hourly workers. 

In addition, everyone with loans through Stilt will get a forbearance period for loan payments and Stilt will suppress reporting late payments to credit bureaus while this national emergency is ongoing. New customers will also get a later start date for their first payment.

The company also notes that they are working on new products that are meant as a response to COVID-19. 

Stilt is currently available in 16 states - Arizona, California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, Utah, Virginia, Washington, and Wisconsin .